Kochi: Luxury car maker Volvo Auto India has launched crossover vehicle V40 Cross Country, priced at Rs 29 lakh, in Kerala and set sales target of 120 units pan India and 20-30 units in the State this year.
The premium segment is seeing a growth every year with the new generation of young upmarket luxury car buyers and growing rich middle-class Indians showing a lot of interests and long-term prospects of luxury cars are good in India, Managing Director Tomas Ernberg told reporters here.
Of the total 2.5 million luxury cars sold in the country, only 28,000 were premium cars.
With the launch of the new vehicle, Volvo is expecting a 50 per cent growth this year and hoping to touch a market share of 4.5 per cent against 3 per cent last year and 1 per cent in 2011.
Last year, Volvo had sold 820 units and it is expected to touch 1,200 units this year, he said.
"Elections are coming, interest rates are high, but we are confident of selling over 1,000 units," he added.
Volvo would launch two more cars by December in the 'D' segment, and it will be SUVs, he added.
The new Volvo V40 Cross Country brings the unique blend of capable ruggedness and expressive elegance up to a new altitude by establishing a Cross Country in the Premium 'C' segment.
Priced at Rs 29 lakh in Kochi (Ex-showroom), the car will be retailed through dealerships.